How do lenders accept a borrower without a debit card for a payday loan? Moolr took a look at the factors involved in such a situation.
If you have never borrowed money before then you may not be aware that you can get hold of a quick loan. you can do this without having to go to your local bank. Payday loans are a short term loan intended to tide you over until the next payday.
These loans have existed for a while and are well established across the pond. However, over here in the United Kingdom they are only just really becoming more popular and more widely available. There are many providers who make these sorts of short term loans. Lenders typically set a repayment period of up to a month. They make such loans available both from the high street and more typically over the phone or on the internet.
Typically you find that you lenders require you to provide a certain amount of information if you expect them to lend you money. No one is going to lend someone money without proof of who they are. Thy also require to be sure you have some means of being able to pay the loans back.
A payday loan is often also referred to as debit loans because a debit is required. This is as part of the evidence for acquiring the loan. It is also a means to repay the loan back to the lender. The problem occurs when the person borrowing the money does not possess a debit card. Debit cards are quite popular in the UK. However, they are still not as widely held and used as credit cards.
There are now ways you can still get a payday loan without having a valid debt card. Some providers now allow you to use alternate means of repaying your small short term loan. The need for a debit has been overcome. But you are still required to provide the standard information most lenders require.
As we mentioned you need to be able to prove your identity and also provide a means to which you can make your repayment. One of the major benefits of applying for a loan online is that you do not have to fax or post any documents. You are also notified very quickly as to whether you can be approved. This is based on the information you have given in the application form.
Typically, you will need to be at least 18 years of age and be employed. This is usually for at least 3 months where you are earning over a thousand UK pounds. You will need to provide your bank account details. This will provide part of the information required for your application. And it will also be the means to which your loan will be transferred to you.